House Passes Mortgage Reform Act

S. House of Representatives has passed the Mortgage Reform and Anti-Predatory Lending Act by a 300 to 114 vote. The bill – H.R.1728 – seeks to eliminate exotic loan products, ensure borrowers are only sold loans that they can repay and prevent incentives that compensate lenders for steering borrowers into expensive or high-risk loans. There is currently no counterpart legislation in the Senate. ‘The simple fact is that our laws and enforcement efforts did not keep pace with the complexities of a global economy and a financial industry where the greed of some trumped common sense," says House Speaker Nancy Pelosi. "This legislation represents a key piece in Congress' initial efforts to revamp the nation's financial regulations to restore integrity and common sense to our nation's economy. SOURCE: Office of House Speaker Nancy


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